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As a pending leadership challenge scheduled for Monday is expected to gain the support of a majority of MP's, O'Neill cited the parliament's "need for change" as the reason for his departure. O'Neill handed over the leadership to former Prime Minister Julius Chan.

As calculated, in 2019, the government's tax income accounted for 15.9 percent of the total GDP, dropped by 2.2 percentage points compared with the amount in 2015. Also in the last year, the tax and fee reduction was more than 2 percent of the GDP, which drove up the GDP growth rate by 0.8 percentage points, according to the ministry.

As a constitutional principle describing the governance of Hong Kong and Macao since they became special administrative regions of China in 1997 and 1999, respectively, "one country, two systems" is hailed as a great pioneering initiative as its practice is characterized by socialism in the main body of the country and capitalism in two regions, and is unprecedented in human history.

As far as the UK is concerned – and I can talk specifically about the impact and outcomes in the West Midlands and Birmingham to give an example – Chinese investment in infrastructure, such as housing has already occurred with many more different types of investments under discussion and consideration. Indeed, I hosted a large delegation recently at our University where we as a city showcased many opportunities for win-win investment partnerships including, High Speed 2, one of the biggest infrastructure in this country.

As a Philippine proverb goes, "Seize today, or you will lose tomorrow." China will work with the Philippines to seize the opportunity and go along with the trend of our time. Let us work together to build upon the Asian tradition of peace, credibility and good neighborliness, and further consolidate the bilateral relations for an even brighter future of the two countries and of Asia as a whole.